HomeMy WebLinkAboutThe Wingham Advance-Times, 1988-08-09, Page 8•
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TOWN OF WINGHAM 1987 CON.
TO THE MEMBERS OF COUNCIL,
INHABITANTS AND RATEPAYERS OF
THE CORPORATION,OF THE'
TOWN OF WINGHAM
AUDITOR'S REPORT
I RAVE EXAMINED THE CONSOLIDATED BALANCE SHEET OF THE
CORPORATION OF THE. TOWN OF WINGHAM AS AT DECEMBER 31, 1987 AND THE
CONSOLIDATED STATEMENT OF OPERATIONS FOR THE YEAR THEN ENDED. MY
EXAMINATION WAS MADE. IN ACCORDANCE WITH GENERALLY ACCEPTED AUDITING
STANDARDS, AND ACCORDINGLY INCLUDED SUCH TESTS AND OTHER PROCEDURES
AS I CONSIDERED NECESSARY IN THE CIRCUMSTANCES.
ASSETS:
UNRESTRICTED
Cash
Taxes receivable
User charges receivable
Accounts receivable
Other current assets
IN MY,OPINION, Tau CONSOLIDATED FINANCIAL OggMENT$
PRESENT FAIRLY THE :FINANCIAL: POSITION OF THE .CORPORATION OF TH(EWN
OF WINGHAM AS AT DECEMBER 31, 1.987, AND THE.RESNLTE ,OF ITS OPERAT1'ONS
FOR THE YEAR, THEN ENDEI! IN ACCORDANCE WITI THE ACCO,IN TL"NG P INCIPL.ES
DISCLOSED IN NOTE 1 TO TEE FINAgOIAL STATEMENTS, APPLIED ON, A OASIS
CONSISTENT WITH THAT OF THE PRECEOING'YEAR.
WINGHAM, ONTARIO
NOG 2W0 •
APRIL 29, 1988
BARRY W. REID
CHARTERED ACCOUNTANT
1ICENSE NUMBER 1147
CONSOLIDATED BALANCE SHEET AS AT DECEMBER31, 1987 (WITH COMPARATIVE FIGURES POR 1986)
RESTRICTED
Cash
Accounts receivable
Other current assets
CAPITAL OUTLAY FINANCED BY LONG-TERM LIABILITIES
AND TO BE RECOVERED IN FUTURE YEARS (note 1(b))
1987
$0
131,398
9,945
319,163
26,378
486,884
106,475
14,678
32,364
153,517
77,275
$717,676
1986
$137,802
112,3.58
8,777
157,989
9,664
426,590
0
10;038
36;237
46,275
139,708
$612,573
mamaaamss
LIABILITIES:
Temporary loans $29$,574
Accounts payable and accrued liabilities 141,083
Other current liabilities
18,159
Net long-term liabilities (note 7)
FUND BALANCES AT THE END OF THE YEAR
To be used to offset (or to be recovered from)
taxation of user charges (note 8)
Unexpended capital financing
Reserves (note 9)
Reserve funds (note 9)
457,816
•
$10,038
120,176
12,783
142,997
77,275 139,708
( "38,932)
0
68,000
153,517
$717,676
( 7,102)
52,932
244,806,
39,232
44,806-
39,232
$612,573
.e"aava.a
CONSOLIDATED STATEMENT OF OPERATIONS FOR THE YEAR ENDED DECEMBER 31,1987 (WITH COMPARATIVE
FIGURES FOR 1986)
BUDGET
.S.OURCES..OF..FINANCING:, _..... ._...._._..._.,.,_
1987
'TAXATION AND USER CHARGES (NOTE 1(a)(iii)
Residential and Farm Taxation _ $524,200
Commercial, industrial, and
business taxation
Taxation from other governments
User charges
GRANTS:
Government of Canada
Province of Ontario
Other municipalities
OTHER:
Investment income
Sale of land
Donations
Other
373,000
' 28,700
295,600'
0
785,300
45,000
7,000
0
50,000
21,500
ACTUAL ACTUAL
1907_.....,__.....1986
$525,109
374,114
31,249.
374,56,7
5,603.
892'049
46,230
40,523
48,000
75,478
20,452'
NET APPROPRIATIONS PROM RESERVES
AND RESERVE FUNDS 48,100 62,521
MUNICIPAL FUND BALANCES AT THE
BEGINNING OF THE YEAR (NOTE 8)
To be used to offset (or to be
recovered from) taxation or
user charges
Unexpended capital financing
Total financing available during
the year
1. Accounting policies
7,100) (
52,900
•
$461,880
332,266
27,280
328,626
8,144
765,543
38,070
26,831
0
0
`25,050
7,102) ( 13,580)
52,932 0
$2,224,200 $2,541,725 $2,000,110
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APPLIED TO:
__._ _:._ _ . _�.E�IDOET. _ _.
1987
CURRENT OPERATIONS (NOTES 3,10,11.,12)
General government
Protection to persons and property
Transportation services
Environmental services
Health services
Social and"family services
__Recreation and cultural services
Planning and development
CAPITAL
General government
Protection to persons and property
Transportation services
Environmental services
Health services
.Social and family services
Recreation and cultural services
NET APPROPRIATIONS TO RESERVES
AND RESERVE FUNDS
MUNICIPAL FUND BALANCES AT THE
END OF THE YEAR (NOTE 8)
To be used to offset (or to be
recovered from). taxation or
user charges
Unexpended capital financing
Total applications during the year
$280,400
. 372,900
305,200
130,900
25,400
294,900
216,400
10,600
1,636,700
33,900
20,000
92,200
19,500
2,200-
19,500
4,000.
18,400
so
399,500
587,500
0
0
----------
1987-
••••••••••••11.19••••
987_
$278,828.
369,960
303,560
136,092
22,279
282,528
221,731
12,174
-_---------
-
1,627,152
277,767
26,476
214,623
17,176
0
7,838
409,625
953,505
0
1986
$250,279
367,292
285,712
154,977
33,134
273,,09
209,179
4,054
1,577,936
37,414
32,132
161,402
27,968
3,858
1,246
92,335
,356,355
19,989
( 38,932) ( 7,102)
0 52,932
• $2,224,200 $2,541,725 $2,000,110
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NOTES TO FINANCIAL STATEMENTS YEAR ENDED DECEMBER 31,1987
The consolidated financial statements of the Corporation of the Town of Wingham are the
representation of management prepared in accordance with 8ccounting policies prescribed
for Ontario municipalities by the Ministry. of Municipal Affairs. Since precise determi-
nation of many assets and liabilities is dependent upon future events, the preparation
of periodic financial statements necessarily involves the use of estimates and approxi-
mations. These have been made using careful judgments.
(a) (i) Basis of Consolidation
These consolidated statements reflect the assets, liabilities, sources of finanoing'and
expenditures of the revenue fund, capital fund., reserve funds and reserves and include
the activities of all committees of Council and the following boards which are under the.
Control of Council:
Wingham Police Commission
Wingham Recreation and Community Centres Board
Wingham public Cemetety
Wingham Day Care Board
All interfund assets and liabilities and sources of financing and expenditures have been
eliminated with the exception of loans or advances between reserve funds and any other
fund of the municipality and the resulting interest income and expenditur+e9.
The
not
(ii) Non -Consolidated Entities
following local boards, joint local, boards, municipal enterprises and utilities are
consolidated:
Wingham Area Fire -Board
Wingham Public Utilities Commission - Water
Electric
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(111) Accounting for Region (Comity) and School Board Transactions
Yea
The taxation,'other revenues, expenditures,assets and ®liabilities with respect to the
operations of the school boards, and the County of Huron are not reflected in the
of'unicipal fund balances of -these financial statements.. Overlevies are reported on the
Consolidated Balance Sheet as "other current liabilities".
(iv) Trust funds and their related operations administered by the Municipality
are not consolidated, but. are reported separately on the -Trust Funds Statement of
Continuity And Balance Sheet"
(b) Basis .of Accounting
(i) Sources of financing and expenditures are reported on the accrual beets of
accounting' with the exception of principal and interest chargee on long term liabilities
which are charged against o'perationa in the periods in which they are paid,
(11) The accrual basis of accounting recognizes revenues as they become available
and measurable; expenditures are recognized as they are incurred and measurable as a
result of receipt of goods or services and the creation of a legal obligation to pay.
(iii) Fixed Aaseta
The historical cost and accumulated depreciation for fixed assets are not recorded for
municipal purposes. Fixed •asset: are reported as an expenditure on the Consolidated
Statement.of Operations in the year of acquisition.
(iv) Capital Outlay To Re Recovered in Future Years
"Capital outlay to be recovered in future years", which represents the outstanding
principal portion of unmatured long term liabilities for municipal expenditures or
capital funds transferred to other organizations, is reported on the "Consolidated
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